Basra: Prime Minister, Mohammed Shia Al-Sudani inaugurated today, Saturday, the Catalytic Cracking Unit (FCC) project at Al-Shuaiba Refinery in Basra Province, with a production capacity of 107,000 barrels per day, affirming Iraq’s commitment to advancing strategic projects for petroleum derivatives to achieve self-sufficiency and move toward exporting refined products.

According to National Iraqi News Agency, Al-Sudani stated that the project represents a major milestone in the history of Iraq’s oil industry, adding to a series of refinery expansion projects aimed at enhancing refining capacity and producing high-value derivatives. He noted that the government aims to convert 40% of exported crude oil into high-value refined products by 2030, with 35% of this goal already achieved.

He explained that the project was implemented in cooperation with Hyundai Company and the Japan International Cooperation Agency (JICA), emphasizing that its operation will help save about 10 trillion dinars annually that were previously spent on importing gas and petroleum derivatives.

Al-Sudani also announced that the Faw Investment Refinery, with a capacity of 300,000 barrels per day, will soon enter operation, employing state-of-the-art, environmentally friendly Euro-5 technologies. He extended his appreciation to the staff of the Ministry of Oil and the local government of Basra for their contributions to the project’s completion.